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Korean Shipbuilders Hit Most in Q3
Heavy Blow
Korean Shipbuilders Hit Most in Q3
  • By Jung Min-hee
  • October 5, 2015, 01:00
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The three major Korean shipbuilders won orders worth just US$4.3 billion in the third quarter, while their target for this year amounted to US$47.1 billion.

Specifically, Samsung Heavy Industries reached US$9.8 billion until the end of the third quarter to show a progress of 65 percent. Hyundai Heavy Industries’ cumulative amount was US$9 billion (47 percent), and that of Daewoo Shipbuilding & Marine Engineering was US$4.3 billion (33 percent).

The situation is far from favorable for the rest of this year, with the placement of large-scale offshore plant construction orders having been put off to next year. The examples include ENI’s FLNG order in Mozambique worth US$2 billion, Royal Dutch Shell’s US$4 billion FPSO order in Nigeria, and that for Chevron’s project in Ubon, Thailand estimated to cost US$1 billion to US$1.5 billion. Besides, the placement of orders for large container ships having a capacity of at least 12,000 TEU declined from 446,000 TEU to 362,000 TEU between the first and second quarters, and then dropped further to 262,000 TEU in the following quarter.

In the meantime, SK E&S is predicted to order four more LNG carriers, each having an area of approximately 180,000 m3, next month. The price of the first ship order by SK E&S is estimated at one trillion won or so.